The Australian Financial Complaints Authority (AFCA) has provided an update for people with complaints in relation to financial advice licensee United Global Capital Pty Ltd (in liquidation) (UGC).

UGC’s membership with AFCA expired at 5pm AEST on 31 May 2025. This follows the AFCA board’s decision to expel UGC as a member of the AFCA external dispute resolution scheme.

As a result, AFCA is unable to accept any new complaints about UGC. This is because AFCA can only accept complaints about firms that are current members of the AFCA scheme.

The expulsion of UGC does not prevent AFCA from considering and finalising complaints received before 5pm 31 May 2025. Complaints submitted to AFCA before this date are not impacted.

In June 2024 the Australian Securities Investments Commission (ASIC) obtained interim Federal Court asset-freezing orders against UGC and related property development investment company Global Capital Property Fund Limited (GCPF).

ASIC also made certain interim stop orders and registered its cancellation of UGC’s Australian Financial Services Licence. In cancelling UGC’s licence, ASIC required it to remain a member of the AFCA scheme until at least 31 May 2025.

On 5 July 2024, UGC was placed into voluntary administration, and on 9 August 2024, UGC entered liquidation. On 3 October 2024, the Federal Court ordered the wind up of GCPF on just and equitable grounds and appointed liquidators.